Up the odds of meeting money goals in 2023
RIGHT now you may be highly motivated to solve every single one of your money issues in the next few months, but daily life is guaranteed to get in the way. Your financial to-do list, once so full of promise, can eventually get stuffed in the back of a drawer while you manage more pressing matters.
So how can you improve your odds of success? It comes down to accepting that you won’t have the time or energy to complete every task to perfection. Creating a system where you can prioritise, plan ahead, and hold yourself accountable can help.
CONSIDER UNEXPECTED HIGH-IMPACT ACTIONS
Many start by setting a goal to trim frivolous costs, which can certainly be helpful, but there are other ways to make a big difference. Start with a few overlooked financial tasks.
Basic estate planning, including creating a will, is one thing to put high on your list. Putting off this task can create a major headache for your loved ones if something happens to you unexpectedly.
Paying attention to your spending is always important, but don’t neglect taking steps to protect your money, yourself, and your loved ones.
FOCUS ON WHAT ACTUALLY MATTERS TO YOU
So many money goals are born out of social pressure. You should want to save up to own a home, even if you’re happily renting. You should sacrifice short-term needs and wants to stash away as much as possible for retirement, even though it leaves you feeling deprived. But money goals should be tied to the things that matter most to you. If they aren’t, you’ll quickly lose interest.
You can combine goal-setting with a little planning, so expenses are less likely to creep up on you throughout the year. Think about what expected costs will be coming up in the next six to 12 months, like recurring bills, vacations, anticipated home or car repairs, and other expenses. This approach allows you to set money aside each month to put toward planned costs as well as longer-term goals.
HOLD YOURSELF ACCOUNTABLE
Forgetting your goals can be far too easy, so to make something stick, write it down. It can be as simple as a handwritten list you keep on the fridge or online calendar reminders that will nudge you every so often.
For time-sensitive goals, set deadlines. One tactic is to make multiple lists based on what you need to complete within the next week, month, or three months. As time passes and you check off items, you can update the list.
Enlist others’ help, too. Weekly or monthly household money meetings are useful if you’re completing financial tasks as a group or share your goals with a trusted friend or family member who can serve as an accountability partner. Looping in loved ones can help keep you on track.
RECOGNISE WHEN ‘DONE’ IS BETTER THAN ‘PERFECT’
It’s easy to get stuck in decision-making mode when trying to pick a high-yield savings account, credit card, or possible investments, but eventually, you need to make a good enough choice. Taking action now can have more of a positive effect on your life than waiting until you’ve painstakingly considered each option.
